Palm Bay Real Estate Forecast 2021

The Palm Bay real estate forecast should provide an active market. Currently, the Palm Bay residential real estate market favors sellers over buyers. But could change in the coming months as restrictions are loosening up in the Sunshine State.
By: AAmerican Property Management
MELBOURNE, Fla. - April 13, 2021 - PRLog -- Per Steve Neville, Broker owner of Best Brevard Rentals. The Palm Bay real estate forecast in 2021 looks promising at this time.
But, conditions could change quickly, depending on the continued absence or reintroduction of distressed properties. However, the present home values in Palm Bay are strong and likely on the way up. For instance, the median listing price in the community is now 16.6% higher than it was just a year ago.

Presently, the median listing price for a single-family home in Palm Bay stands at $174,900, with a median listing price per square foot of $140. Meanwhile, the median sales price in the Palm Bay area is $185,000. This means properties are selling above their asking price. However, the sale to list price ratio was 98.56% in February of this year. So, homes are now selling for 1.44% under the listing price. Still, that's a strong market.

Another statistic that demonstrates a relatively healthy market is the average days on the market or DOM. In hot markets, this number is generally under thirty days. In Palm Bay, the median days on the market is 70 days or just over two months. By comparison, the median days on the market in April of 2018 was just over forty days, leaping to a high of around ninety days in April of 2019, but has stayed around the same -- seventy days -- since October of last year.

Although most of these figures indicate a strong and healthy real estate market, the continued absence of distressed properties, which include foreclosures and short sales, keeps the market stable. But, if moratoriums on foreclosures and short sales are lifted, any flood of distressed properties would have a negative impact on the residential real estate market. However, if distressed properties are slowly reintroduced, the market would absorb them and they would not greatly interrupt the market's stability.

Right now, the Palm Bay real estate market is active and healthy and that should not change in the near term.

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Steve Neville
Tags:Melbourne Fl Home Rentals
Industry:Real Estate
Location:Melbourne - Florida - United States
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